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The key equity indices traded with modest gains in mid-afternoon trade. The Nifty traded above the 17,700 level. FMCG stocks snapped its two days losing streak.
At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 301.6 points or 0.50% to 60,148.11. The Nifty 50 index added 92.50 points or 0.52% to 17,716.55.
In the broader market, the S&P BSE Mid-Cap index rose 0.23% while the S&P BSE Small-Cap index gained 0.55%.
The market breadth was strong. On the BSE, 2,095 shares rose and 1,388 shares fell. A total of 121 shares were unchanged.
Numbers to track:
The yield on India's 10-year benchmark federal paper advanced to 7.231 from 7.227 previous trading session.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.1325, compared with its close of 81.99 during the previous trading session.
MCX Gold futures for 5 June 2023 settlement rose 0.83% to Rs 60,564
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.07% to 102.14.
The United States 10-year bond yield declined 0.77% to 3.389
In the commodities market, Brent crude for June 2023 settlement rose 53 cents or 0.63% to $84.71 a barrel.
Buzzing Index:
The Nifty FMCG index advanced 0.82% to 46,285.60. The index was down 0.97% in past two trading sessions.
ITC (up 2.16%), Varun Beverages (up 1.74%), Britannia Industries (up 0.68%), Hindustan Unilever (up 0.66%) and Nestle India (up 0.48%), Emami (up 0.24%), Colgate-Palmolive (India) (up 0.11%) advanced.
On the other hand, Radico Khaitan (down 2.98%), United Breweries (down 2.84%) and Godrej Consumer Products (down 0.52%) were down.
Stocks in Spotlight:
L&T Technology Services (LTTS) declined 1.85%. The company has agreed to pay $9,928,000 to to the United States Justice Department to to resolve False Claims Act allegations.
Life Insurance Corporation of India (LIC) rose 0.31% after the company announced the appointment of Ratnakar Patnaik as chief investment officer (CIO) and Pratap Chandra Paikray as chief risk officer (CRO) of the corporation with effect from 10 April 2023. Further, P. C. Paikray will replace Tablesh Pandey as chief risk officer and key management person of the corporation, who has taken charge as managing director of LIC on 1 April 2023.
Kolte-Patil Developers tumbled 3.56%. The Pune-based real estate company announced the approval for allotment of 14,000 secured, unlisted, redeemable non-convertible debentures on a private placement basis, aggregating upto Rs 140 crore.
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